Callodine Capital Management LP Has $9.47 Million Stock Position in Plains GP Holdings, L.P. $PAGP

Callodine Capital Management LP lowered its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 27.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,000 shares of the pipeline company’s stock after selling 150,000 shares during the period. Callodine Capital Management LP’s holdings in Plains GP were worth $9,469,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. North Star Investment Management Corp. bought a new position in Plains GP during the first quarter worth about $56,000. Larson Financial Group LLC bought a new stake in shares of Plains GP in the third quarter worth about $46,000. O Domhnaill Enterprises Inc. bought a new stake in shares of Plains GP in the first quarter worth about $66,000. Lazard Asset Management LLC increased its holdings in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after acquiring an additional 811 shares in the last quarter. Finally, Virtus Advisers LLC raised its position in shares of Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after purchasing an additional 1,859 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of PAGP stock opened at $26.45 on Friday. Plains GP Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $26.65. The company’s fifty day simple moving average is $24.72 and its 200-day simple moving average is $23.23. The firm has a market cap of $5.23 billion, a PE ratio of 49.91 and a beta of 0.45. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP’s payout ratio is presently 172.16%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PAGP shares. Mizuho lifted their price objective on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Barclays raised their target price on shares of Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a report on Thursday, July 16th. Wells Fargo & Company lifted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Wednesday. Finally, Citigroup increased their price objective on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.36.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.